Refinance Help

Question Mortgage refinance for the disabled in Massachusetts? HELP!?
Hello, a while back my mom became disabled in a serious accident (she is a single parent, and I'm in college with a crumby part-time job, so she is the only significant income in our family), and now she is on social security disability. The problem is that there is now a big difference in our finances and the mortgage is over 100% of our total income, and we obviously can't afford it! We have cut every corner to the point that we can't even fix broken things and the house is getting very dilapidated (it's over 100 years old to begin with), and to boot, it's our family home that 3 1/2 generations grew up in! So we will do anything not to have to leave. Of course we want a lower mortgage, that would fix everything, but our mortgage company only sees us as "Just plain not making payments" (even though we tried to pay partially, they don't consider anything less than the full amount paid at all) and won't even TALK to us about it. The people who answer their phones are very incompetent and have no authority to do anything- I could go on forever about how awful they are, but still. Anyway, I've read many things on the internet about people with disabilities having a million and one options for owning a house, and getting loans for one, but they never actually say what to do to get a refinance or save an existing home! This house means the world to us, and someday I'd hope to inherit it and pass it along to my children (God willing) so we really need anything we can get... The mortgage has been here for years and we only have like $80,000 or so left I think out of a couple hundred thousand, so that doesn't seem like it should be that hard, but so far no one has been able to help us. We went to a lot of support groups and agencies "supposed" to help low-income people save their houses from this housing bubble fiasco thing as of late, but nothing. Absolutely nothing. We've even had to be in bankruptcy to stall them auctioning off the house before! So please, I hope someone can help us, anything useful would be great :(

Best Answer there's a million and 1 options if you have the money and get a home you can afford on that money. you will need to get a full time job--and only go to college pt or not at all if its that important to you. how much would the mortgage be if you had a rate of 40%? housing shouldn't be more than 33% of your income---even if you stretch that to 50%---would your income cover the payments at a low rate... if you work full time, maybe you can refi into a new 30 year mortgage in both you and your mothers name the point is--you still need to meet minimum criteria to get the help.. another option is to rent the house out and move into the cheapest studio apartment you can find some people are so ignorant---just because its been in your family doesn't mean you didn't have to pay for it--if there were multiple heirs---one person would have to buy out the others.....

Question Is Bwaney Fwanks making sure his voting bases stays happy?
More than 100,000 Massachusetts homeowners who cannot refinance at current low rates because of falling property values may now be able to do so as part of the Obama administration's housing plan. http://www.boston.com/yourtown/wellesley/articles/2009/03/05/many_in_mass_may_get_mortgage_help/?p1=Well_MostPop_Emailed2

Best Answer His constituency is made up of about 100,000 homos in that part of the state and with a little help from ACORN, he should be able to maintain his office unfortunately.

Question Will be moving in 6 months - how do I refinance (mortgage up in October)?
As stated above, I will be moving, but I need to refinance my mortgage ASAP (5 year fixed up in October). What is my best option so I do not have to pay any penalties/fees when I go to sell? Thanks for your help! If you need more info, please post for me to read and I'll respond. I live in Illinois. Yes, I have a five year fixed at 5.25. Any idea how much it will go up if I do not refinance and then sell in February? Thank you mj69catz and dzwreck for your very informative feedback.

Best Answer Chances are refinancing will not be cost effective, if you are moving in 6 months and your adjustable rate is up in October, which is 3 months away. As previously mentioned most lenders will charge some form of closing costs, appraisal fee, new escrow accounts, title charges, etc... Even if you see a lender advertising a no cost refinance (such as the ad Countrywide advertises all over the television), you will end up with a much higher interest rate than normal to offset the closing costs. If you obtained a 5 year ARM 5 years ago, chances are your rate is considerably better than the rates are right now and you will be better off just letting your rate adjust for the few months until you move. You most likely have a 2% cap on your 1st adjustment and the rates now that you would qualify for are probably at least that much higher. However, if you have a 5 year balloon, which is unlikely, then you will either have to refinance, unless you can pay your loan off in full or you will have to sell your home a few months early. You could also try calling your lender to see if they can give you an extra couple of months to sell your home after your balloon is up, if you are on a balloon. Best of luck, but I think you are better off where you are at and you will take a step in the wrong direction by refinancing.

Question Refinance Help?
I have a serious problem my Mother recently past after having a stroke. My mother owned 3 homes which she bought for her 3 children but the children are responsible for paying their own mortgages. Unfortunately my Mother left no will and we never got around to creating a quit claim deed to all the houses. Each child agrees on who gets what. We need to know how to transfer each property to each child’s name. The next question is my home is scheduled to begin the adjustable rate mortgage in December. My Mother was in the process of refinancing our house but she passed before she could finish. How can we refinance this house and avoid the ARM. Any help would be appreciated. 2 houses are in Illinois the other is in Indiana

Best Answer I am afraid that if the homes are in your mothers name alone, you will have to go through he probate process as your mother died without a will. You need to contact an attorney. The sooner the better. Keep those mortgages current or else you may have trouble when it comes time to refinance. Look at the paper work for the ARM that is going to start adjusting. With the indexes being down, it may not go crazy on you. Figure out what the index is and the margin and the math is pretty easy. You just take the adjusted rate and the remaining term and any mortgage calculator can tell you what the new payments will be. I am sorry for your loss and wish there was more that could be don, but until you and your siblings can get the titles transfer you cannot borrow against the property. If the properties were owned jointly with rights of survivorship, the probate process would be unnecessary. That doesn't sound like it was the case. If they had been, your mother could be removed from the title with a copy of the death certificate. Good luck in resolving the issue as quickly as possible.

Question Help! Refinancing a home problem!?
Josh purchased a condominium 5 years ago for $190,000. He made a down payment of 20% and financed the balance with a 30-year conventional mortgage to be amortized through monthly payments with an interest rate of 8%/year compounded monthly on the unpaid balance. The condominium is now appraised at $230,000. Josh plans to start his own business and wishes to tap into the equity that he has in the condominium. If Josh can secure a new mortgage to refinance his condominium based on a loan of 80% of the appraised value, how much cash can Josh muster for his business? (Disregard taxes.)

Best Answer This sounds like a homework question lol. Original purchase price = $190,000 Original loan amount = $190,000 * 0.80 = $152,000 If you run a 30 year amortization at 8% after 5 years the remaining balance is: $144,354 New loan: Appraised value of $230,000 * 0.80 = $184,000 = new loan amount Cash out = $184,000 - $144,354 = $39,646 (minus closing costs) PS Bill is incorrect. He not taking into consideration that the balance has gone down as Josh was making his payments for the past 5 years. :-)

Question Help! Should I refinance and what company?
I am considering moving in a year, however I currently own a condominium. To make matters worse, the interest rate will move to 9.5% in 3 months. I talked to Rock Financial and they told me it is best to pay that amount if I plan on moving in a year, but I cannot afford to pay an additional $100 a month to my payment. They advised me not to refinance. I am a teacher and I am seriously considering re-locating, but while I am in the home I would like to refinance. I need some help here. Thanks!

Best Answer You've got a few options. If you have a lot of equity you can refinance and your equity should cover your closing costs. If you choose not to refi then you can either hopefully sell it before your payment jumps up or best of the 3 get a temporary room mate have him/her split the payment with you. If your're looking to move in a year I'd highly recommend you test the waters and see how difficult it will be to sell your property. Just from experience in Nevada its almost impossible to sell anything unless it's at a unrealistic price or you've got something to offer that no other home has.

Question Bad Credit Home Refinance In Oklahoma....HELP?
Ok, Here is the deal... I bought this house in March this year in Oklahoma and got it for 61,000. I financed it through a group of investors and I pay about 13% interest on it plus the owner carried about 10k on it. So im paying 720.00 to finance company and only 50.00 to the owner. I have payed it on time every month but now my credit is even worse then it was because of a spouse and alot of things went default and probably in the high 400's credit score now when i was almost 600 before... Is there anywhere/anyone that can help me in getting a refinance I make about 45k a year. I noticed on my contract at closing i just read it says "I am agreeing to pay the balance by March of 2008 " does this mean if i dont pay it I lose my house? I just dont know what to do... Thank You... I just read it in detail and it says: MORTGAGE NOTE : This is a balloon Mortgage note and the final payment or the balance due upon maturity is 49,920 together with accrued interest,if any,and all advancements made me the mortgagee under the terms of this mortgage. ..... Then it shows Maturity Date of Loan: May 1,2008 ???

Best Answer I recommend that you immediately contact an attorney who specializes in real estate law. Also ask the attorney for a referall to an attorney who does credit restoration if he does not do that himself. If you agreed to pay the balance by March 2008 I would interpret that to mean that if you do not repay that amount you will be in default and I would expect that they could foreclose. I recommendthat you start working with the attorney to get your credit score back up and explore whatever other legal options that you may have. March is only 3 months away. That does not leave you much time.

Question Where would I get the original release of lien to my car title?
When I got divorced nearly three years ago I refinanced my car that was in my husbands name before. When my ex husband received the title he signed it over and mailed it to my bank. The car was refinanced and I never thought anything about it until I moved to Florida and needed the title. I automatically assumed the bank had it since I had lived in Texas before where the lien holder keeps the title. Apparently this is not the case in Oklahoma where I refinanced the car. When I called the bank to see where the title was they had no idea. Either way it is lost. When I tried to file for a lost Title in texas they say they need the original release of lien. Where do I get that information? Would that be from the original finance company that my ex husband had financing through? Please help! I would really like to get this taken care of so I can finally get a tag on my car.

Best Answer the license office has the information on the lien stop by show them some i.d. and ask them who holds the lien they will tell you

Question My home is in foreclosure with Washington Mutual, denied a loan modification. Will someone help?
I recently divorced and have 2 children. We have lived in our home 8 years. I can afford the payment now and wish to stay in our home. My credit is ruined at this point. Are there investors out there that would refinance me?

Best Answer i posted my response to someone elses question somewhere else on here and thought i would offer the same post here i was very happy with my outcome: well i can tell you that i tried going through my lender (countrywide now bofa) and they gave me a runaround for 7 months and then finally approved my loan modification. then.... they took another 2 months just to get the loan modification details to me and it was for 1year then back to what i was paying before but because they took so long and my payments were stacked up they put the arrears back on the loan so my "loan modification" actually went up!!!! i ended up paying 58 dollars more per month after the modification. i was told that i wouldnt be able to modify it again for a year but i ended up going with an outstanding law firm that cut my payment in half and they were very kind and well worth every penny!! I spoke with bob and he didnt push at all and gave me all the license information to look up on the state bar website. hope that helps! best of luck to you. oh the name of the firm is the al verdi law group in california

Question Husband to Wife Deed and Mortgage transfer in Washington State.?
Long story, but my mom wants to get my dad off any joint responsibilities and assets. He will agree to do so under the circumstances, but what is the process in Washington State? They own a business and refinanced two properties under the same mortgage as the business. They have joint ownership of all, but she makes all the payments and is pretty much the ONLY responsible one. My mom does not want to refinance the mortgage. My question: Is there a deed even if they still owe the bank for the properties? Should my mom first have my dad's name taken off the business and then talk to the bank about taking my dad off the loan without refinancing? My dad is not stable (metally and financially) and we (the whole family) is afraid he might do something detrimental that will cost us to lose everything in a lawsuit or worst–ransom (he travels to mexico a lot). We don't really want to get an attorney or the law involved, we know we would win – we just want to keep this in the down low and not hurt my dad's pride and put him through all that. Like I said, long story, but we are doing this to save the whole family. Help, please!

Best Answer As for the real estate, he can sign a quit claim deed and have it notarized and recorded. That takes him off title but does not relieve him of his liability on the mortgages. As for the business, it depends on how the business was organized. If it is a corporation then he needs to sign over his stock. If it is a proprietorship, then you need to make sure all of the licenses are in your mom's name only. Also file a fictitious name statement in her name only.

Question Where is the best place to call to refinance house/ consolidate debt?
My husband and I have had a rough time financially in the past year. I am a stay at home mom and my husband makes good money except that he was laid off for most of the last winter and we are having a really hard time catching up and now our credit is not so great because we've been late with so many payments. I tried to get a job too to help but ended up paying more for daycare than I was making. Wondering if anyone knows of a good company to call to help us out with refinance/consolidation. We live in wisconsin. Thanks!

Best Answer Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan. Hence research the lenders thoroughly before applying. Tell the lender how much you can pay and till when you can pay. They can find out a right plan for you.

Question How would I find a private investor to lend money to fix and flip properties?
I have bought and sold 8 properties in the last 18 months here in Wisconsin. I have some money to roll over, but I am looking for more in the arena of a private investor willing to go in on some potentially larger deals. I have a team in place and need quick cash to fund projects. Exit strategies are ready and in place. Either the property is flipped or refinanced and held. Does anyone know of an organization that may be able to help or any way I can find an investor or investors on my own? Thanks

Best Answer Sounds like you know what you're doing for sure. Approach potential investors on your own. You have a good track record. The key to your pitch is to show the investor what's in it for him/her. Present the projects in a profit sharing perspective. Also tell them why you don't want to use a bank(s). Steal the Home Depot motto: You can do it. They can help.

Question I live in Orlando Florida and need a name for a Real Estate Company.?
I have thought of Orange County Realty, SunCoast Realty, Gator Realty, Sun County Realty, R&R Realty and Refinance(I also do mortgages), Beacon Realty, RealTrust, and Manatee Realty.....I need help with suggestions, new ideas, and feedback.....thanks

Best Answer Sunshine Realty Grove Reality Mid-Florida Realty Orange Blossom Realty

Question Moving out of state with a child after divorce (long island, NY)?
Does anybody know if it is possible to relocate out of the 50 mile radius specified in a divorce (nassau county)? I am originally from out of state- with no family in NY. I came to NY for college met and married my exhusband. We share joint legal custody of our 8 year old daughter. I have primary physical custody. In the divorce I was awarded the home (that I have had to refinance to keep a roof over our head as well as take in a tenant) and am now receiving child support. I am finding it increasingly difficult to live on long island. It is too expensive. I can move to an area that I would be paid the same amount that I am in NY in areas like Atlanta, Charlotte, Orlando, CT, and could live for half of what it is to live here. I've seen beautiful 4 bR homes, w brand new schools for less than $250k. I have brought this up to my ex and he refused stating I can give her to him. Which I would never do. I've offered a reducting in child spt. and to pay 4 travel for her to c him. help.

Best Answer The court has to approve the move.you can't move your child so far as his father has to travel to see his daughter. You can't reduce child support with out having the court approve it.I don't think the court will approve it.BUT if you explain it like you told me,it may make a different. I do wish you luck,and make your daughter happy

Question Is there now a government program to help "underwater" condo owners refinance at a lower interest rate?
I purchased a South Florida condo back in 2005 during the height of the real estate boom. Obviously, my property is now worth far less then what I still owe, even though I put 12% down and financed with a 30 year fixed. My rate is 6.25% and I am hoping to refinace while rates are lower to, at least, lower my payment and allow me to put a little more equity in each month. I live in Broward County Florida and purchased for 183,000, making my loan total 161,000. I have been on time with all payments and even tried to sqeak out a few extra dollars each month, but still owe over 140,000 after almost 7 years of payments. Condos around me are bearly selling for 70k right now and it is frustrating, after all this time and all the payments I have made, to be so far upside down. I still keep trying though and do not want to be one of the Florida property owers that just walks away because the situation is difficult. I have heard on TV that the politicians are going to "bail us out" and "allow underwater owners to refi", but I have not recieved one dime's worth of help and everytime I go to refi the bank wants to send out an appraiser and tells me they can only refi 80% of what the property is currently worth. Those numbers obviously do not make it possible to refi. I am hoping there is some kind of goverment refi program for owners that have paid on time, have good credit and want to dig themselves out of this without forclosure or bankruptcy. Is there such a program or refi organization for Broward County condo owners? Where would I contacxt them? Based on the first rely to this question, I think there is a misunderstanding as to what I am asking. I am not looking for any favors. I have made every monthly payment for the last 7 years, including the years I knew the property was worth less then the amount I owed. I have maintained good credit my entire life. As long as God keeps me employeed and I am physically able to, I intend to pay all my bills including my mortgage. I mentioned "bailout" because of all the hype on television due to the housing crisis, but my main question was how to refinance. I only hope to lower my monthly mortgage payment based on the current interest rates, that have evolved due to the current economy. I know there are options, like not paying my mortgage and attempting a short sale, forclosure and bankrupcy, but this is what I am trying to avoid. I am trying not to be a burden on my neighbors even though many of my other neighbors have taken the easy route, walked away and left the condo assoc Ok, I think HARP was the answer I was looking for. I do not want to just increase the number of years on my mortgage, and I do not expect any debt reduction, but being allowed to modify to the current interest rates seems fair to me...any other comments are welcome also :) Ok, I think HARP was the answer I was looking for. I do not want to just increase the number of years on my mortgage, and I do not expect any debt reduction, but being allowed to modify to the current interest rates seems fair to me...any other comments are welcome also :)

Best Answer HARP is short for Home Affordable Refinance Program. There is also HAMP, the modification program which was designed for people having difficulty making payments and is clearly not what you are looking for. If your loan is owned by FNMA or FHLMC, the latest version of HARP allows you to refinance regardless of underwater status on your home, and often does not require a new appraisal. A link to the website where you can check is posted below. Not every lender offers the program, and some that do offer the program do not promote it and do a terrible job of keeping their employees informed on the program. A few months ago I refinanced a client who had first gone to his current lender but was denied due to a current appraised value that would have put his mortgage at 83% of appraised value. He qualified for the HARP program and they failed to even offer it to him though their website said they had it available. In their infinite wisdom, the government has put serious limits on banks ability to advertise the HARP program so many people that may qualify don't know it exists.. Assuming you qualify, you should be able to reduce your payment and pay your loan sooner with a 20 year term, or with a 15 year term keep your payment very close to the current amount. Unfortunately, if too many of your neighbors have walked away from the HOA it can make it more difficult to meet conforming guidelines necessary to qualify for this loan. If your have an FHA loan, they have offered the Streamline Refinance program for decades and it does not require a new appraisal so underwater status will not matter. In June they are reducing the Up Front and Annual Mortgage Insurance for loans that were endorsed by FHA before 6-1-2009.that will make it even more attractive. http://www.fanniemae.com/loanlookup/ https://ww3.freddiemac.com/corporate/

Question Cant sell my land or condo in tampa, florida?
I cant sell my land or condo in florida..market is terrible. Hence the pain of making these mortgage payments. IM barely making it. Paycheck to paycheck. Whats worst is the interest only payments on my condo. I live in it. But big deal. Not building equity and cant refinance either--- too costly. Dont know what to do. Need help.

Best Answer Haha you're screwed, you should have just stayed at your parent's house.

Question Owner Financing,drawing up the Promissorry Note,Please help!?
I am the Buyer buying a property from an owner willing to finance for me,because of his eagerness to sell and my lack of funding. Does this work as follows:The property is worth $200,000,and is payed for free and clear.The owner must refinance his home,and pull out his money,he then acts as a bank/or mortgage keeper and signs a quit claim deed to me,and a Promissory note stating our terms,his interest rate the amount I own him.(does this also include what happens if i default on the payments?) and at what date the payments are due?. Also after it is signed and agreed to by both parties,i understand this must be recored with the county.How though,exactly does my name get put on the deed of the property? and does the owner get to keep the title,or perhaps a lien on the property? please explain if you know how this works,and thank you for your help :)

Best Answer If you are even remotely serious about this deal you should either a) hire an attorney to go over the paperwork; b) hire a real estate agent as your buyers agent -it costs you nothing- they can probably work out a deal with the seller to just pay for the transaction cost.

Question How does appraisal value of a home help you when you are trying to refinance?
Example: I buy home for $500,000 on an interest-only bridge loan (owner financing) for a period of 3 years (have to get it financed by another lender at end of 3 years), and have $60,000 to put down on the refinance at the end of 3 years. This leaves $440,000 to get financed after 3 years. If the house is appraised at $540,000 at that time, does the bank look at it like they are really approving me for financing in the amount of $300,000 rather than $440,000 since I have $140,000 in equity?

Best Answer They will look at your LTV. They will use the appraised value at the time of the refi & the amount of the new loan to get the LTV. Hope this is what you are asking. I got a little confused with the question.